Establishing a steady pipeline of clients is vital for the growth and success of any organisation. BAS agents are no exception.
A well-structured and consistent flow of new customers not only ensures a stable revenue stream but also opens up opportunities for expansion and increased market presence. Creating an effective pipeline of clients requires a strategic and systematic approach that focuses on attracting, engaging and converting prospects into loyal customers.
A well-constructed pipeline provides an overview of the company’s efforts in gathering, nourishing, and converting leads into paying clients. It can also be used to determine your potential earnings, available opportunities, individual and team performance, and resource management.
Despite its comprehensive functions, we have seen so many business owners ignore or pass over this strategy. After all, creating a pipeline is easier said than done in most cases.
What is a pipeline strategy?
Also known as a sales funnel, a pipeline strategy is a systematic and strategic approach to managing the flow of potential customers or clients through various stages of the sales or conversion process.
It involves creating a structured and repeatable system that moves prospects from initial awareness to final purchase or conversion. It focuses on effectively managing and nurturing leads, maximizing conversion rates, and optimizing the overall sales process.
There is no standard pipeline structure that is guaranteed to work for everyone.
Advantages of having a pipeline strategy
The ultimate objective of a pipeline strategy is to maximise the amount of qualified leads your business receives, ultimately supporting the growth and profitability of your company.
As such, a sales funnel can positively impact your business in the following ways:
More high-quality leads
A pipeline strategy can help a business generate high-quality leads by providing a systematic approach to lead management. By clearly defining the stages of the customer journey and establishing lead qualification criteria, businesses can focus their resources and efforts on prospects that have a higher likelihood of conversion.
This targeted approach ensures that marketing and sales efforts are directed towards engaging and nurturing leads that are genuinely interested and aligned with the business’s offerings.
Example - Sandra, the owner of a small financial consulting firm, constructed a sales funnel that records where she got her leads. The goal was to identify which of her marketing efforts were the most effective in attracting paying customers. Based on her latest pipeline review, she noted that more than half of the converted leads got to know of her business through the weekly financial literacy talks she joined at the local trade centre. With this insight, she could refocus her resources on content marketing and thought leadership, hoping to draw in the attention of more prospects willing to pay for her services.
More accurate sales forecasts
A pipeline strategy can generate more accurate sales forecasts by providing visibility into the progression of leads through the sales process. By tracking the movement of prospects from one stage to another, businesses can analyae historical data and identify patterns and trends.
This data-driven approach allows for better prediction of conversion rates, sales velocity and revenue projections.
Example - Sandra used her sales funnel to determine how much her consulting firm could earn if would successfully close a deal to provide financial advice to a marketing startup that recently moved to her area. Having a concrete idea of her sales forecast allowed Sandra to allocate a sufficient budget for the identified opportunities in the pipeline. Doing so established the limits on how much she could spend on pursuing the leads, thereby minimising the risk of overspending or wasting her resources.
A better understanding of your sales and marketing process
A sales pipeline helps you keep track of your efforts to secure accounts for your professional services business. The process is often not as straightforward as directly selling a product to interested customers.
Example - In Sandra’s case, she knew that no two clients had the same needs and expectations. Therefore, her approach was highly personalised at first. While this was an effective strategy for lead conversion, it was not efficient at all.
This dilemma could be resolved by examining her pipeline of clients against the firm’s objectives. Sandra would find the necessary information to determine if her current approach would take her closer to achieving her goals or if it would eventually hamper her progress because it would likely be unsustainable as her company catered to more clients.
Objective decision-making
As a BAS agent, you are no stranger to the value of data-driven decision-making. The information from your sales pipeline will help balance objectivity with agility, especially when dealing with high-impact organisational changes.
Example - Sandra’s adoption of a pipeline strategy enabled her to do exactly this when confronted with the choice between keeping her personalised approach to clients, and switching to more repeatable processes. Her analysis showed that certain digital marketing methods offered a viable middle ground for her firm.
According to Sandra’s review, combining her content marketing efforts with standardised email marketing practices could encourage interested individuals to reach out and learn more about her services. This would lessen her time and effort spent directly requesting meetings with prospective customers since they would be initiators instead.
Through this pipeline strategy, Sandra did not have to decide based on what she felt would be best for her company. The data she had on hand helped shed light on the right path that would have been entirely unknown to her otherwise.
How to drive a robust pipeline
Ensuring the smooth flow in your sales pipeline can be challenging, especially when you must balance it with your other day-to-day responsibilities. But this should not dissuade you from applying this strategy,.
We have outlined below four tips on filling your pipeline without taking too much time and effort away from performing the services for your clients.
Intelligent market positioning
A clearly defined market positioning serves as a solid foundation for a sales funnel. Without this, you will likely waste your time and effort in endeavours not aligned with your objectives.
There will also be a high risk of missing out on opportunities because you are not sure who to target or how to capture the interest of your desired audience.
To ascertain the optimal position, you should study the current state of the market and select a niche where your company can thrive. For example, your positioning can centre on a specialised service, such as BAS lodgements or GST calculations, or a different approach your target customers want but have not yet found amongst your competitors.
Effective listening
Listening to your potential customers’ needs and wants can steer you in the right direction. Whether you prefer conducting market research or probing for customer feedback, you must develop effective listening mechanisms to maximise your sales and marketing strategies.
That’s why your pipeline should not only consist of a list and contact information of your leads and prospective clients. It must also have a section where you can record the requirements, expectations, and other insightful details they have shared with you. With this, you can plan the next step to closing the deal more effectively.
Repeatable series lines
You will eventually notice a pattern as you assist more clients with their requirements. We recommend using that to standardise your sales process or how you perform your services.
Creating repeatable series lines will help you figure out how much you need to spend on your deliverables and prospective clients. In case you bring on board more sales staff, your efforts to standardise will make it easier for them to learn the ropes and stay aligned with your sales and marketing strategies.
Client case studies
Imagine a portfolio filled with the success stories of your professional services agency. It features snapshots of how you provided the appropriate solutions for your clients. You don’t have to showcase every detail - short yet memorable accounts of accomplishments tend to work best in this industry.
A typical model consists of a brief description of the client’s situation that requires your intervention. Then, outline the steps you have taken to address it, and end it by sharing the positive results.
Client case studies serve two purposes. As a marketing tool, it demonstrates how your BAS business delivers its promises to the target audience. For your sales funnel, it helps prospective customers understand your company better and determine which of your services could work well for them, too.
Breaking it down further: A step-by-step guide on establishing a robust pipeline
Now that you have a good idea of why a healthy pipeline can contribute to the overall success of your professional services business let’s go over the process of building it and ensuring the continual flow of potential revenues to your company.
Step 1: Nail your target market
As with any effective sales and marketing strategy, you must begin by identifying the right clients for your services. This usually involves in-depth market analysis and brainstorming exercises.
The goal is to create a clear image of your ideal client. You cannot simply say that you want to go after other startup companies or that you want to focus on local businesses only. You should be able to describe and understand their needs and wants, as well as their problems and apprehensions.
To help you visualise better, we highly recommend creating buyer personas based on those pieces of information and market analysis. A buyer persona may or may not be an actual individual or organisation. However, it must be a clear representation of a client who will have an interest and pay for what your company offers.
Example - Company XYZ manufactures goods for export. They require highly skilled workers to maintain the quality expected from their products. However, because of the rapid and significant changes in the international market, they find it hard to keep up with matters related to their pricing and taxes. Its latest financial statements reveal slow growth in the past quarter and a diminishing return for its stakeholders.
What Company XYZ needs to resolve these issues is a consultant who is an expert in cost accounting and tax management. The management expects the consultant to advise their in-house team, setting them in the direction that will bring them back on the right track. Since the company deals with product exportation, the consultant must also be knowledgeable in both domestic and international requirements.
From this set of information, you will have a better understanding of what you can do for your target market. You can use it to determine the best approach to convince them that you are the right person for the job.
Step 2: Develop your strategy
The next step requires you to come up with strategies that will capture the interest of your target market. We have four recommendations that you can combine to create a holistic approach for your professional services company.
Get your message clear
Generating leads starts with a clear message with the following elements:
- Target individuals or groups
- Issues that you can resolve
- Positive changes you can bring about
- Proofs of expertise and credibility
The message should contain these details but remember to keep it as concise as possible. This is just one of your first points of contact. If you have successfully gained your target’s attention, you will have more opportunities to expound and support your claims later.
Here’s an example:
“We can assist small businesses who need help with their BAS lodgements to ensure complete, accurate and timely reporting and payments to the Australian Taxation Office (ATO). Our team consists of BAS experts registered with the Tax Practitioners Board and have been in the industry for several years.”
Activate your network
Professional services companies rely heavily on good word of mouth and referrals. Building a solid reputation will take time, but you can jumpstart things by tapping your existing network.
This network is not limited to your work-related circles, such as former employers, colleagues, or clients. You can also include family members, friends, neighbours and even people you know while studying at the university.
Everyone in your contact list can be considered part of your business network.
Reach out to your prospective clients directly
Since you cannot depend solely on referrals from your network, you must also find the confidence to communicate directly with your prospective clients.
Avoid generic-sounding inquiries or promotions because you would likely be ignored. Instead, take your time learning about the intended recipient to prepare for a personalised approach.
You don’t need to snoop around to look for the necessary information. Review your prospect’s public posts on their website or social media pages. Check for announcements or updates that you could relate to your services.
When you encounter one, reach out to them - usually through email to introduce your company and give an overview of how your services can be of value to them given their current circumstances.
Become a thought leader
This marketing strategy involves creating and posting content that showcases your expertise and how you can use such knowledge and skills to assist your clients. This must be practised regularly to get your name out there and become the top-of-mind when people discuss that subject.
Thought leadership can be done through various forms of media and platforms. Common examples include:
- Blogging on your own website or a third-party website with high authority in the subject matter
- Posting videos, webinars and podcasts
- Publishing books or white papers
Regardless of your preferred method, remember to stay true to your message and branding. Otherwise, your journey to becoming a thought leader will be an uphill battle.
Step 3: Use CRM Software to implement your strategy
Customer Relationship Management (CRM) software aims to ease off the load when recording and monitoring your relationship with your clients. Nowadays, several developers have their take on how a practical, user-friendly CRM software should be like. Examine your options based on how well they fit your process flow and budget.
Regardless of your choice, the most critical part of this step is setting up the CRM software so that you can consistently use it to support your pipeline. Consistency is a must in this case because your chosen software will be rendered useless if you do not record complete and accurate information as they occur.
When setting up your CRM, consider the various stages that all your clients typically go through in your pipeline. Again, this can vary depending on your actual sales process.
Example - Here is an example from a (fictional) BAS firm.
- First stage - lead management.
Tanya, the BAS agent business’ development associate, logged all the leads generated through their various marketing campaigns on the CRM software. She categorised the leads according to how they matched the qualities of their ideal client, marking those with a good fit as a high priority.
Leads under that category would be the first ones in Tanya’s list of prospective clients to contact. She sent each lead an email to give a brief overview of the company and request another meeting to discuss the details. On the CRM, she noted when she sent the email and set a reminder to prompt her to follow up after a few days if the lead had not responded.
- Second stage - lead nurturing and converting.
When the replies to her emails came in, Tanya would start working on converting those leads. Anyone who has expressed disinterest will be labelled with “Do Not Contact” on the CRM master list.
Meanwhile, those who wanted to set an appointment will be marked as “Opportunity”, and Tanya would block her schedule depending on the preferred date and time.
In most cases, client meetings concluded with a request for a quotation. Tanya would send one to the prospective clients and upload a copy on the CRM for future reference. If she received a notice of acceptance, her next step was to draft a contract that the client would review. Should everything go well, both parties would sign the contract, and the lead be tagged as “Converted” on the software.
- Third stage - objection handling.
Some clients were not interested, and rejected Tanya’s proposals. Rejected quotations would merit a re-evaluation if the opportunity were worth pursuing or not. Tanya would review her notes on the software to look for any adjustments to make. She would also assess if she could afford to reduce the price of her services to compromise with the client.
If the results of her analysis were positive on all accounts, she would re-send a revised quotation in hopes of finally closing the deal. However, in case the prospective client’s demands were too unreasonable, she would send an email thanking them for considering her offer and then mark the opportunity as “Lost” on the CRM.
- Fourth stage - the review.
As you can see, this company’s pipeline was managed better with the assistance of CRM software. Tanya could keep track of her leads and their progress along the sales flow. She also realised which marketing campaigns were the most effective at generating leads with high sales potential.
It should be noted that CRM software will not work as well in your business if you do not have the proper foundation and use it consistently.
Remember, this is only a tool - not a magic fix for your sales and marketing issues.
Step 4: Measure and analyse
As mentioned earlier, one of the significant benefits of having a client pipeline is its ability to give you an overview and insights about your revenue-generating activities. With the right CRM software, you can easily consolidate data for further study and corrective action.
To do so, you must first establish your key metrics. What measurements must be made to assess your progress and the health of your business? Typical examples of metrics include customer acquisition cost, length of sales cycle, and close rate.
When you have your metrics, reserve at least half an hour each week to review your pipeline’s data. Look for where your strengths lie and where your resources are mostly spent. Then, identify the bottlenecks in the process. These are usually the stages in your sales process where the work slows down and fails entirely to proceed to the next step.
For instance, you might have too many leads that have not been contacted. That could indicate that you don’t have enough time to go through them or have simply forgotten that they exist.
You can remedy the situation by reorganising your work schedule to allocate more time to your leads. Perhaps, you may need to hire another team member since working on the leads can lead to more workload down the pipeline.
Final Thoughts
A robust pipeline of clients is one of the keys to ensuring the revenue growth of a professional services company. By creating a structure for your sales flow and capturing the essential information at each stage, you will find it easier to balance your time and energy among the multiple tasks you must accomplish in a day.
That said, a healthy pipeline cannot be wished into existence.
Our guide can take you closer to that goal, but remember: You need persistence and consistency to attract, retain and gain the loyalty of paying clients.